Paragon’s specialist portfolio buy-to-let lending grew during the final quarter of 2019.
Specialist buy-to-let lending was 1.1% higher year-on-year at £375.4m, whilst the quarter end pipeline figure for buy-to-let was £814m, which is up 11.6% year-on-year, of which 92% is specialist.
Paragon managing director of Mortgages, Richard Rowntree, said: “Portfolio landlords have demonstrated a greater propensity to buy in the current market.
“These landlords often focus on more complex properties and require a specialist lender, such as Paragon, that can fully cater for their needs.”
Other mortgage and amateur buy-to-let volumes were lower in comparison, following Paragon’s decision to focus on higher margin, professional business, with overall mortgage lending down 4%.
Paragon’s commercial lending new business volumes were 19.9% higher than the comparable quarter at £254.1m.
Paragon’s chief executive, Nigel Terrington, commented: “The [Pragon] group has made a strong start to our 2020 financial year where good progress has been achieved in our key divisions.”